Cushman & Wakefield Ltd. · NYSE:CWK
Cushman & Wakefield — Q4 2025 Earnings Presentation
20 slides from Cushman & Wakefield's earnings presentation, Feb 19, 2026
Slide 1: Q4 2025 & FY 2025 Earnings Presentation
Q4 2025 & FY 2025 EARNINGS PRESENTATION February 19, 2025 FEBRUARY 19, 2026 Cushman & Wakefield 1
Slide 2: Cautionary Note on Forward Looking Statements
CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS All statements in this presentation other than historical facts are forward -looking statements, which rely on a number of estimates, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and
Slide 3: Non-GAAP Financial Measures and Other Financial Information
NON - GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION The Company has used the following measures, which are considered “non - GAAP financial measures” under SEC guidelines: i. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and Adjusted EBITDA mar
Slide 4: Non-GAAP Financial Measures and Other Financial Information (Cont.)
NON - GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (CONT.) Adjustments to GAAP Financial Measures Used to Calculate Non - GAAP Financial Measures During the periods presented in this presentation, we had the following adjustments: Unrealized (gain) loss on investments, net represents net
Slide 5: Fourth Quarter and Full Year Financial Overview
FOURTH QUARTER AND FULL YEAR FINANCIAL OVERVIEW Three Months Ended Year Ended USD $m, except % Change % Change December 31, December 31, Adjusted EPS 2025 2024 USD LC 2025 2024 USD LC Revenue $2,914 $2,630 11% 10% $10,288 $9,447 9% 9% Fee Revenue $2,042 $1,875 9% 7% $7,061 $6,589 7% 7% Adjusted EBIT
Slide 6: 2025 Key Highlights and 2026 Outlook
2025 KEY HIGHLIGHTS AND 2026 OUTLOOK Key 2025 Highlights 2026 Full Year Outlook • Fee revenue growth in all geographic • In line with 3 -year targets presented at 2025 Investor segments and service lines Day • Expanded FY’25 Adjusted EBITDA margin by o Revenue Growth of 6 - 8% 46 basis points while
Slide 7: Financial Overview
01 FINANCIAL OVERVIEW Cushman & Wakefield 7
Slide 8: Fourth Quarter and Full Year 2025 Performance
FOURTH QUARTER AND FULL YEAR 2025 PERFORMANCE (1) Fourth Quarter 2025 • Q4’25 fee revenue of $2.0 billion, up 7% versus Q4’24 o Leasing fee revenue up 5% o Capital markets fee revenue up 15% o Services fee revenue up 6% • Adjusted EBITDA of $239 million, up 5% • Adjusted EPS of $0.54, up 13% Full Ye
Slide 9: Q4'25 Fee Revenue by Segment and Service Line
Q4’25 FEE REVENUE BY SEGMENT AND SERVICE LINE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other Growth % LC (1) 7% 6% 5% 15% 12% % of Fee Revenue 51% 30% 12% 7% LTM Q4’25 (2) Fee Revenue by Segment • Leasing growth driven by strong results in
Slide 10: Americas Q4'25 Performance
AMERICAS Q4’25 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other Growth % LC (1) 6% 2% 5% 19% 10% % of Fee Revenue 49% 34% 13% 4% LTM Q4’25 (2) Adjusted EBITDA and Margin (3) • Fee revenue growth in all service lines • Services per
Slide 11: EMEA Q4'25 Performance
EMEA Q4’25 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other Growth % LC (1) 11% 14% 7% 9% 13% % of Fee Revenue 41% 26% 12% 21% LTM Q4’25 (2) (3) • Services growth primarily driven by improved Project Management performance Adjuste
Slide 12: APAC Q4'25 Performance
APAC Q4’25 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other Growth % LC (1) 12% 17% 5% (5)% 11% % of Fee Revenue 68% 16% 7% 9% LTM Q4’25 (2) • Fee revenue increase driven primarily by improvements in Services • APAC Leasing growth
Slide 13: Capital Structure
CAPITAL STRUCTURE Net Debt / Adj. EBITDA (1) Debt Maturity Profile (1)(2) in USD $m Undrawn Revolving Senior Secured Term Loan Credit Facility Notes (’30 Maturity) • Liquidity of $1.8 billion , with $0.8 billion of cash and $1.0 billion Revolving Credit Facility (undrawn) 1. All numbers shown as of
Slide 14: Appendix: Supplemental Slides and Reconciliations of GAAP to Non-GAAP
APPENDIX SUPPLEMENTAL SLIDES AND RECONCILIATIONS OF GAAP TO NON - GAAP FINANCIAL MEASURES Cushman & Wakefield 14
Slide 15: Debt and Leverage
DEBT AND LEVERAGE Twelve Months Ended (USD $m, unless otherwise indicated) December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 Term Loans (1) $1,960.2 $2,573.9 $2,593.8 $2,613.7 $1,667.1 $2,157.7 2028 Senior Secured Notes (2) 645.1 642.2 640.8
Slide 16: Summary of Total Segment Revenues
SUMMARY OF TOTAL SEGMENT REVENUES Three Months Ended Twelve Months Ended (USD $m) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Americas Segment Services $624.1 $609.4 $2,467.8 $2,420.4 Leasing 512.7 488.4 1,674.2 1,536.2 Capital markets 218.4 182.8 666.0 564.7 Valuation an
Slide 17: Reconciliation of Net (Loss) Income to Adjusted EBITDA and Adjusted EBITDA Margin
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN Three Months Ended Twelve Months Ended (USD $m) December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, 2025 2024 2025 2024 2023 2022 2021 2020 Net (loss) income $(22.4)
Slide 18: Reconciliation of Net (Loss) Income to Adjusted Net Income and Adjusted EPS
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE Three Months Ended Twelve Months Ended (USD $m, except per share data) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net (loss) income $(22.4) $112.9 $88.2 $131.3 Adjustments: Merger
Slide 19: Free Cash Flow
FREE CASH FLOW Twelve Months Ended (USD $m) December 31, 2025 December 31, 2024 Net cash provided by operating activities $340.4 $208.0 Payment for property and equipment (47.4) (41.0) Free cash flow $293.0 $167.0 Cushman & Wakefield 19
Slide 20: About Cushman & Wakefield
About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service